Good evening StockBandits!
A slightly positive open was initially sold this morning, only to see a quick reversal take place which brought the NAZ, S&P 500 and DJIA past last week’s highs. From there, the market churned, unable to add to the morning strength. That ultimately gave way to some profit-taking late in the day, taking everything but the DJIA negative on the day.
While some profit-taking after the runs we’ve seen from last Monday’s lows is no surprise (and healthy to see), some of today’s afternoon weakness was also likely attributed to those simply wishing to raise cash ahead of tomorrow’s FOMC announcement. That’s when we’ll either see the recent rumors confirmed or negated by what’s said and by what is or isn’t introduced. Of course, that has potential to be a big market-mover, both for tomorrow afternoon and in the days ahead as traders digest the news and corresponding price action.
For tonight, the indexes are each still in their respective trading ranges, so that’s keeping the charts of many individual stocks just as sloppy as they’ve been since July. While it would be nice to get some basing action and some tighter patterns to trade from (as well as more rain in Texas), the fact is that we may not get it for a while. With that said, our job is to identify the best plays out there and focus on them, which for now are day trades. We’ve caught some excellent moves of late, so that’s not such a bad thing though.
I’ll cover my game plan for tomorrow in the video, and as always, feel free to share your own thoughts, trade ideas, and questions down below in the comments section.
Here is tonight’s video:
The Bandit Broadcast Video – Click to Watch!
Video Stocks Discussed: EXK, UAN, LIFE, RGLD, GLD, WLL, DV, CNQ
Swing Trading Candidates:
NONE TONIGHT – 100% cash.
[table “128” not found /]The Hit List is a separate post which contains discussion on open positions and swing trade stops and targets, so be sure to check it for further details on swing trades.
